That PR today reminded me of a ship struggling to
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Posted On: 12/17/2019 12:50:26 AM
That PR today reminded me of a ship struggling to stay afloat, that just had it’s boilers go out. Abysmal recovery rates, One excuse after another, and the bigger MC made zero difference so far. I’m beginning to wonder if they are not in over their heads, the gold is just not there, or a combination of the two. How can you blow through all of the money they have spent at Elena, and produce absolutely nothing verifiable? And to top it all off, they still will not show any transparency and tell us how much gold they have produced so far.
Going forward, at 3 ounces per day recovered and sold at the highest price possible, less the cut the Mexican Govt takes and production costs of $450 per ounce, and if no breakdowns or unforeseen events happen, they still wouldn’t make enough to cover the next $105K note payment due in 5 weeks. When companies are in a position where they are forced to start selling off their assets to stay afloat, they typically don’t last very long. It ain’t over yet, but the fat lady is definitely making her way to the stage.
Going forward, at 3 ounces per day recovered and sold at the highest price possible, less the cut the Mexican Govt takes and production costs of $450 per ounce, and if no breakdowns or unforeseen events happen, they still wouldn’t make enough to cover the next $105K note payment due in 5 weeks. When companies are in a position where they are forced to start selling off their assets to stay afloat, they typically don’t last very long. It ain’t over yet, but the fat lady is definitely making her way to the stage.
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